TRADE CREDIT IN A MONETARY ECONOMY

• 成果类型: Article
• 署名作者: NORRBIN, SC; REFFETT, KL
• 署名单位: Arizona State University; Arizona State University-Tempe
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/0304-3932(95)01202-Y
• 发表日期: 1995
• 页码: 413-430
• 关键词: General equilibrium; MULTIPLE MEANS OF PAYMENT MODELS; stochastic trends; CANONICAL COINTEGRATING REGRESSION; Trade credit

摘要

This paper examines the importance of financial and technological stochastic trends in the context of a stochastic, dynamic, general equilibrium monetary economy with multiple means of payment. In contrast to earlier empirical work, we find support for both a long-run substitution condition between money, trade credit, and interest rates as well as a long-run transactions demand for alternative payments media consistent with real business cycle frameworks.